GDPR has been the “hype” over the last 6 months as we are getting closer and closer to the final start date of this new European regulation about how you work with data. A lot of the hype has been based on the possible huge penalties of 15 million EURO or of or 4% of annual global turnover for non-compliance. Of course it is something that you should be worried about.But you could also choose to use it in your advantage as an investment to make in order to understand your company better.
What is GDPR
The European Union’s General Data Protection Regulation (GDPR) is made to protect individuals’ personal data and facilitate the exchange of information for businesses that use date from European citizens. This sounds very difficult but if you go deeper into the new regulations you will find out that it enhances the already set rules and privacy policies from the previous European data protection directive (Directive 95/46/EC).
Core principles of GDPR
- Lawful, fair and transparent processing
- Purpose limitation
- Data minimization
- Accurate and up-to-date processing
- Limitation of storage in the form that permits identification
- Confidential and secure
- Accountability and liability
Why we think it’s good
GDPR offers a lot of advantages that we think are good for you. Here is our top 6 (in random order) of why you should embrace GDPR
1. Upgrade your efficiency
GDPR forces you to be open towards your clients of what they are signing up to and what can expect. A positive effect is that you will be communicating and working with clients who are interested in what you have to offer.
Also, having organised, relevant and usable data can drive greater operational efficiencies by reducing lengthy manual processes.
2. Reduce your risk
Setting up clear and transparant data management practises (being GDPR compliant) does not only protect your date but it will also protect your reputation.
If a data breach does happen, you will be able to respond quicker and even more important, you will understand how it happened and how this can be prevented.
In the event of a data breach, the regulation also means that you’ll have better quality data.
3. Upgrade your Business Intelligence
GDPR and BI both have one big thing in common- data. GDPR will help you understand how you gather, work and store data by providing tighter controls. One of the biggest challenges that businesses have with BI is exactly how data is gathered and utilized. By enforcing GDPR you are able to set up higher quality data that can be linked easier to data attributes.
4. Upgrade your communications
Consent is everything and this allowes your clients to specify more easily what data they would like to share and how they want you to use it. This means that the client is telling you more detailed what their interests are. This information allows you to fine tune the right strategy/format to approach them and to get them interested and engaged.
5.Upgrade your IT Operations
With a more complete and continuously-updated architecture, IT Operations will run smoother. You will be able to identify more easily what needs to be fixed when there are issues with your systems. Also, changing IT vendors is easier for your company when you have a full understanding of your Enterprise Architecture.
6. Upgrade your process flows
As part of GDPR you will need to map your data and information flows in order to assess your privacy risks. This is a great opportunity to understand your company even better and decide which flows work for you and which don’t. You can easily start to measure how your departments work and to understand what works and what doesn’t!
Interested about how BAAER can help you understand and become GDPR compliant? Contact us and get a free consultation.